Sure, anything's possible. ;-)
You won't save space, let alone cost, doing it discrete though. More than, probably about four chips (maybe even fewer!), you're better off with a tiny FPGA instead.
Suck it up, old fart! Go get a cheap dev kit, they're starting under $20 these days. Force yourself into it! You /need/ this skill.
If you have the luxury of controlling the signalling protocol, you can opt for SPI, which can drive a basic 74HC595, say, and then some comparators or gates. That's feasible with discretes, though still not "small"!
Related story: I once put a custom serial *transmitter* inside a CPLD. I forget how many macrocells it used, probably 10 or 20 including the baud rate divider. (Along with the other stuff, it fit snugly inside a MAX3064.) It transmitted status bits, which is really quite easy for a CPLD to do: it's a bit counter attached to a mux, so it transmits each status bit as it goes. (You can latch the status bits if you like, before transmission, to prevent them changing during transmission. :o) ) But a /receiver/ will be much more complex, for the reasons that others have covered.
Tim